The Recession is on

Blame it on the media. We are in for one of the worst economic slowdowns in history. Since the number of people alive who actually remember "The Great Depression" is rapidly decreasing, this economic climate will probably be this generations "I remember when..." battle cry. The sad thing is that although we were set for a recession due to the housing and credit market, what really is sinking the ship is the media. Bad news sells, so only those "experts" who prophesy doom are getting air time. The common man on the street hears this and expects the worse. That being said, I believe that this may be just what is needed for the younger generations to get over the sense of entitlement that their grandparents never would have dreamed of. Many young people today don't want to work for what they have. Look at how many 20 somethings are living in homes bigger than their parents. Look how many drive expensive new cars. Look how many are going to lose those homes and cars because their dreams and expectations were built on easy credit. I was always taught that if you can't pay for it you can't have it. (Although I must admit I didn't always follow that advice.) These words of advice are proving more and more wise as credit shrinks. With unemployment set to rise along with inflation, many young people today who don't know how to work hard are going to have to learn quick or starve.